Reuters: Regulatory News: Transocean confident can overturn Brazil injunction

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Transocean confident can overturn Brazil injunction Sep 5th 2012, 18:02 Sept 5 | Wed Sep 5, 2012 2:02pm EDT Sept 5 (Reuters) - Transocean Chief Executive Steven Newman said on Wednesday he was confident the offshore drilling contractor would ultimately overturn an operating ban upheld by a panel of three Brazilian federal judges last week. The injunction followed an oil spill last November on a well drilled by Chevron Corp, using a Transocean rig. Newman told a conference in New York that he could not be so certain the appeals process would prevent the injunction from taking effect within 30 days of Transocean being served with it, which was "imminent." Since 10 of the company's 127 active rigs are in Brazil, he said a stoppage would have an earnings impact.

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